Greetings, and Welcome to FGI Mitigation Consultants.

We are a loss mitigation branching company. Our company is comprised of over 40 years of mortgage experience! We are headquartered in Westport, CT, and we have been in business for four years. Currently we have 50+ employees which consist of processors, mitigators/negotiators, and we also have legal council. We have attorneys which work on our modifications. Let us handle all of your back end work so you can exercise your highest and best use which is selling!

We focus on the two types of mitigation:

For someone who wants to keep their home we obtain a loan modification.
With a loan modification we are restructuring existing loans with existing lenders. We are converting adjustable rate mortgages to fixed rate mortgages, extending amortization schedules, for example from a 30yr to a 40yrfixed, and we have the possibility of principal reduction in certain cases. (Especially on 2nd mortgages. There are no promises for principal reduction).

For people who do not want to keep their home we complete a Deed in Lieu of Foreclosure. Currently on average its costing banks 7k to rehab a home after it goes through the foreclosure process due to the simple fact that the borrower is destroying their home by keeping it in horrible condition until the bank takes it over. Therefore it is in the banks best interest to accept a Deed in Lieu of foreclosure. This is defined as exchanging the deed with the lender for a debt satisfaction in full. A title search is completed to make sure that there are no liens, the borrower vacates the home, giving the keys over to the bank, and the bank is forgiving them of that debt and not issuing them with a deficiency of judgment. (With a deficiency of judgment the bank can put a lien on your credit for 20 years, the bank can garnish wages, etc.)

Our relationship with you is that of a branching program. We don't charge any up front fees or sign up fees to you. We have a flat fee of $1595 per file for loan modification. Whether it's a first or second mortgage, two mortgages or one mortgage, it is a flat fee of $1595. You can charge anything above and beyond that and the difference is your commission. You will be paid 1099 as an independent contractor. We pay you within 7 days of receiving your loan submission. The borrower has a five day right of rescission therefore why we pay you within 7 days. We collect our fees right away therefore you get paid right away. We accept all forms of payments including all major credit cards. We offer a money back guarantee to our borrowers. If we fail to modify their loan we refund them their money minus a $795 fee.

We focus on the following types of modifications where we have a 90% success rate on all of the following clients:

• Anyone in an adjustable rate mortgage. Period. Regardless of any other aspect. If they are in an arm we can modify them with a 90% success rate.
• Anyone in a fixed rate mortgage that is 2% above current 30 or 40 year fixed market interest rate - FHA or conforming.
• Anyone who has been late on their mortgage within the last 12 months, anyone who is currently late, anyone who will be late this month, or anyone who wants and chooses to be late. Certain people won’t qualify for modification but they will go late purposely just so they can get the modification done. They are struggling that much.

Anyone who fits in any of those categories we have a 90% success rate of getting that modification. If anyone falls out of that box, all you need to do is e-mail us a scenario. We’ll get back to you and let you know if we can do a modification on it or not. We do not accept every modification.

If we can't do it then we don't accept it. No one wants to work over a month for only $795. That's less than minimum wage.

The process is as follows: After our conversation I am going to email you two emails. The first of these emails is going to be a summary of everything we went over on this conference call. The second email will have multiple attachments. Included in those attachments you will find the agreement between your company and our company which is our contract, aW9 form, and an employee questionnaire. All of those items need to be completed and faxed back to our office. Once we receive your fax back you can start immediately. Of course if you have any questions just call me and I will be more than happy to answer any questions. There is a very important Microsoft Word attachment which is password encrypted. It is the only document you need to concern yourself with for your borrowers. In that document you will find a contract for your borrower, as well as a loan submission checklist. On that checklist you will find all the items we need to successfully complete a modification. The more items you get the more successful our modification will be. We will also do forensics on each file. What forensics is described as is we request their current loan HUD 1, note, and 1003. We scrub the loans for any fraud, any RESPA violations, any section 32 violations, and any underwriting mistakes, or lapses judgment.

 Example: I am now doing a loan modification my dad's neighbor where they only make 4k a month combined income. On the loan that they are in they got approved on a loan saying they make $15K a month in income. It doesn't make any sense. How can the bank expect them to pay the loan back? Did the underwriter never hear about salary.com? It makes no sense.

Here are some common questions that people ask:

What is the turnaround time?
30-60 days

What about pre payment penalties?
The pre payment penalty does not have to be paid and they do not get one on the loan.

What interest rates are we getting bad from lenders?
Anywhere between 3.596 to market rates on fully amortized 30 and 40 year fixed mortgages,

How much should I charge my clients?
I tell everyone to have a baseline on what they are going to charge clients. For instance say its 3k. You would raise or lower that depending on the client. If it's a 2 million dollar house in Beverly Hills than you would want to charge more than if you have a client in Pennsylvania in a house worth $80k. Charge on a case by case basis.

What about option arm loans - any payment shock?
They will be on a gradual step up program. What that means is if they have a minimum payment which is at 30, the bank will give them a fully amortized principal and interest fixed mortgage starting at 3% the first year, maybe the second year will be at 3.5%, maybe the third year it would be at 4% and soon until they reach the rate that it is going to be the fixed rate for the life of the loan. (If they can't afford the home, they need to get out of the house. We can do a Deed in Lieu of foreclosure.)

Who is our main competitor?
Our main competitor is going to be the banks. For example, when WAMU sends you their bill, if you are in an option arm with them, they have a coupon attached for $100 to modify your loan. So what Washington mutual is saying is "Hey we gave you a crappy mortgage. For $100 we'll get you out of that crappy mortgage, and put you in another crappy possibly good mortgage!

For questions about state laws just refer them to our website which is updated daily by our attorneys. We follow every law. There is not one law in this country that effects loan modifications. If they are looking at any legislation in the past in the state of FL or WA they have to do with the attorney client relationship for a foreclosure sale and it has nothing to do with loan modifications. If someone has a foreclosure sale date pending, it is required to hire an attorney to file a chapter 13 to extend the foreclosure sale date which allows us to do the modification. Now there is going to be an additional fee that the attorney will charge which depends on the area.

How do these new laws affect us?
They do not affect us. Some of these new laws that they passed and the 700 Billion Dollar bailout has only been put in place for new and future credit issues. Bush/Obama has claimed to help home owners financially by injecting an economic stimulus but most homeowners are to deep in the foreclosure process.  What's a bad loan? All it is rumor, speculation, competition, Nothing to worry about, People trust us as mortgage professionals to do the best for them compared to trusting the government or a lender

To request an application please email us at modification@fgint.net